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Damon Enterprises accepted credit cards as customer payment for sales transactions totaling $100,000. Damon Enterprises processes credit card transactions through Goliath Global Bank, which charges
Damon Enterprises accepted credit cards as customer payment for sales transactions totaling $100,000. Damon Enterprises processes credit card transactions through Goliath Global Bank, which charges a 2.0% processing fee. Based solely on this information, the company's income statement will report sales revenue equal to ________________________ and credit card processing expense equal to________________________ whereas the company's balance sheet will report a net receivable equal to ________________________
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